Uncertainty is a pervasive reality in the oil and gas sector as organisations navigate complex operations, dynamic environments, and evolving government regulations and restrictions. Given the challenges of accurately predicting potential changes, organisations should proactively focus on physical asset management in order to enable them to maximise the value of their assets and maintain consistent production. The question is whether this can be best achieved through single-point solutions – applying a plaster to visible wounds only - or should this approach be shifting towards a more holistic solution for physical asset management?
Optimal was first established at the height of the oil and gas price crash back in 2015, ever since, their key focus has been on driving asset management efficiency and effectiveness through taking into account contextual complexities which runs in their DNA. Optimal’s approach to physical asset management has been shaped to enable oil and gas organisations to minimise downtime, enhance operational efficiency, and maximise return on investment (ROI) from their assets.
One of the key challenges faced by the Oil and Gas Operators in the UK Continental Shelf (UKCS) is the ageing infrastructure, with the first production having commenced back in the 60s, a large number of assets have been operating for decades. Ensuring continued safe operations and minimising the risk of equipment failures and loss of integrity requires regular maintenance, inspections and asset performance monitoring even if the asset has undergone a life extension upgrade or has been put into operation in recent years. These proactive measures, put in place through implementation of effective asset management, can help address the challenges associated with ageing infrastructure, ensuring the reliability and longevity of assets. Operating ageing assets not only presents itself with challenges associated with ensuring continuous efficient asset performance, but also highlights the ever-critical need to focus on maintaining safety and compliance with ever evolving regulatory requirements.
Optimal has extensive experience working with clients in asset-intensive industries, not limited to Oil and Gas, and recognises that effective physical asset management relies on a combination of striking a balance between implementation of technology solutions and service focused parameters. This approach ensures that asset operators can turn asset performance data into information to base their asset management decisions on. Optimal provides their clients with precisely this combination of technology and service delivery expertise by leveraging their strategic partnerships with industry-leading technology providers and offering asset management solutions that empower organisations in making data-driven decisions for effective maintenance and enhanced asset performance. Optimal’s comprehensive suite of solutions, known as Asset-Reliability-as-a-Service (ARaaS®), is tailored to meet the demands of the modern world and can be applied to physical assets at any stage of their lifecycle.
The ARaaS® strategy encompasses four phases: Strategise, Deploy, Monitor, and Optimise. Each phase incorporates specific solutions that enable clients to improve asset reliability, availability, and safety standards while increasing production and maximising return on investment. Unlike single-point solutions, ARaaS® provides a wide range of in-house options, allowing Optimal to customise their solutions based on clients' unique requirements. This comprehensive approach ensures an overarching service that addresses all aspects of asset management and enables clients to focus on their mission critical activities whilst improving financial return through increased asset uptime and reduced operating costs.
In delivering its asset management solutions, Optimal prides itself in their own critical asset – a team of highly skilled engineers who hold a wealth of experience in the Oil and Gas industry. Their deep understanding of asset-intensive operations, coupled with extensive knowledge of industry best practices, makes them invaluable assets themselves. With years of hands-on experience in maintaining, operating and managing physical assets, the Optimal Reliability Engineering team possesses the expertise required to tackle the unique challenges that arise in this demanding sector. Michael Hobbs, Technical Manager – UK said, “In an ever-changing world to keep on top of managing asset performance it’s necessary to take a holistic view, have a wide range of analytical tools at your disposal and utilise the skills of a diverse team. This all comes together in the ARaaS® suite and the key is in the people – we see ourselves as skills-led.”
In the uncertain and ever-changing landscape of the Oil & Gas sector, focusing on physical asset management is crucial for organisations to thrive. Effective management of physical assets allows asset operators to mitigate risks, ensure regulatory compliance, and maintain consistent production levels which is the ultimate objective. By partnering with Optimal, Oil and Gas organisations can unlock the full potential of their physical assets by being empowered to make data-driven decisions, implement proactive maintenance strategies, and achieve sustainability success in this dynamic industry. With Optimal as their trusted asset management partner, organisations can navigate uncertainties, enhance their operational performance, and maximise the value of their physical assets for years to come.
To connect with our ARaaS® expert, contact us via enquiries@optimal.world | www.optimal.world